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France Telecom seeks £5bn more from asset sales

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France Telecom seeks £5bn more from asset sales
Topic: Economics 12:54 pm EST, Mar 22, 2002

France Télécom yesterday added another €8 billion (£5 billion) of assets to its wish list of disposals in an attempt to shake its ignominious reputation as one of the world’s most indebted companies.

... Unveiling the second biggest loss in French corporate history, Michel Bon, the chairman, said the sales would help the company to cut its debt from €60.7 billion to as low as €45 billion by the end of 2003.

In Europe, only Deutsche Telekom has more debt, with €62.1 billion weighing on its balance sheet. BT, the first big incumbent carrier in Europe to tackle its debt burden, is in the comparatively healthy position of owing just £14.5 billion.

France Telecom seeks £5bn more from asset sales



 
 
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